Our simple guide to insuring jewellery
There’s nothing quite as crushing as the feeling that comes with losing precious jewellery, and while insurance might not be enough to make up for the emotional impact of losing these item at least it will cover you in a fiscal sense. We’ve taken a look at the most important things you should look out for when insuring jewellery, to make sure you’re properly compensated should the worst happen.
Does my home & contents cover my jewellery?
Well, it may and it may not. Home and contents insurance policies can be written with pretty sizeable allowances for contents theft, but if you’re insurer isn’t aware of your jewellery you won’t be covered. Often you will have to sign on for an optional extra level of coverage to ensure your jewellery is insured and you will have to specify each individual piece for tracking purposes.
How much is your jewellery actually worth?
The thing is, while Aunt Nicky’s bracelet might have priceless “sentimental value”, to ensure you can an accurate payout your jewellery will have to be valued by an insurer at some point. This is particularly important when it comes to expensive jewellery and will play a huge role in the amount of money you can stand to receive as compensation. When you do get an item valued, make sure you keep receipts and valuation certificates handy, in case you need to supply proof of ownership.
How much will you get from your insurer?
It really depends. A lot of insurers actually offer equivalent credit at bulk jewellery suppliers (that they get sizable discounts through) rather than the cash settlement you may be seeking. The onus is on you to be specific in your documentation if you want a like for like replacement, otherwise if you’re just looking for money it’s not uncommon for insurers to only offer wholesale value.
To make sure you’ve got adequate coverage:
Check your contents policy for per item and total limits, specify valuable items for additional cover and check what proof you need for a claim, such as receipts, close-up photographs or valuation certificates.You will also need to get a certificate from a registered jeweller and let them know the valuation is for insurance purposes and where you would usually shop to replace the jewellery.
Related links:
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Tips for getting a property valuation for your home
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